Commercial real estate has bounced back after Covid-19 pandemic blues

Among the worst hit sectors by the Covid-19 pandemic, commercial real estate has bounced back.
 

Office leasing has surpassed pre-pandemic levels, driven by the growth of global capability centres (GCCs) and flexible office spaces. 
 

Cushman & Wakefield reported an all-time high gross lease volume of 72 million square feet (msf) in 2022, up from 68 msf in 2019. Despite high inflation and geopolitical uncertainties, office leasing in 2023 is expected to reach around 64 msf, close to pre-pandemic levels.
 

GCCs, established by multinational companies to leverage India's talent and cost advantages, have significantly boosted office space demand. “Post-Covid, more than